Mr. Patrick Casey:

I have been informed by my regulatory colleagues who work in that area that on an individual basis they work closely with credit unions to resolve their regulatory issues before an AGM can be held. I am advised by them that the actions taken by the bank are to ensure that credit union members and their savings are protected in the interests of the movement. Some credit unions remediate their regulatory concerns and they proceed towards an AGM. In the area I work in, other credit unions have not had an AGM for a period of years.

In those circumstances, the Central Bank's preference has been to find a solution for the credit union before it moves towards having an AGM. The entities are sensitive to the disclosure of their financial positions in such circumstances, particularly to avoid precipitating a destabilising event. Most credit unions work on their regulatory concerns with a view to holding an AGM.